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SAN FRANCISCO -- Mobile messaging startup Snapchat rejected an acquisition offer from Facebook (FB) that would have valued the company at $3 billion or more, according to a Wall Street Journal report on Wednesday.
AP, Jae C. HongSnapchat CEO Evan Spiegel dropped out of Stanford University in 2012, three classes shy of graduation, to move back to his father's house and work on Snapchat, a mobile app that lets users send photos, videos and messages that disappear a few seconds after they are received.
Facebook representatives reached out to Snapchat in recent weeks to discuss the all-cash deal, which would have been Facebook's largest acquisition ever, the report said, citing anonymous sources.

Facebook declined to comment. Snapchat could not immediately be reached for comment.

Snapchat, which allows consumers to send smartphone photos which automatically disappear after a few seconds, has proven popular among teenage users.

The report of Facebook's interest in Snapchat comes a couple of weeks after Facebook, the world's No. 1 Internet social network, acknowledged that it was seeing a decline in daily use by young teenagers in the U.S., although it said overall use by teenagers was stable.

Shares of Facebook were up 3.1 percent at $48.05 in afternoon trading on Wednesday.

I'm glad he turned them down. Billions on paper isn't worth anything but what he's doing is. He doesn't have to get ultra rich to be successful and if he's smart he will keep what is his and his alone. You can't trust anyone these days and I don't blame him. He has a great future ahead of him if he stays on this path.

Use your privacy settings on FB and set up a separate accounts with each site you visit so that no one can access the information you don't want them to have. I may be wrong but when I want to interact with a site I am allowed to use my screen name. Also you need good firewalls so that no one can break into your information.

We will here great things about this guy.He is humble and doesn't make emotional decisions .Another human being would had gotten excited an taken the offer.Like the fools who sell their house to later find out it when up in value.